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Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases
5. Leases
The Company’s operating and finance leases are primarily for corporate offices, warehouse space, rail cars and equipment. As of December 31, 2024, the Company’s leases have remaining lease terms of less than one year to 11.8 years with standard renewal and termination options available at the Company’s discretion. Certain equipment leases have purchase options at the end of the lease term, which are not included in the ROU assets, as it is not reasonably certain that the Company will exercise such options. Short-term leases, those with an initial term of 12 months or less, are not recorded on the consolidated balance sheets. The Company’s lease agreements do not contain any material residual value guarantees or restrictive covenants. The Company uses its incremental borrowing rate in determining the present value of lease payments unless the lease provides an implicit or explicit interest rate.
Financial and other information related to the Company’s operating and finance leases follow:
Year Ended December 31,
202420232022
Operating lease cost$8,584 $7,441 $7,751 
Finance lease cost
Amortization of ROU assets434 405 377 
Interest81 110 138 
Total lease cost$9,099 $7,956 $8,266 
December 31,
Balance Sheet Location20242023
Operating leases(a)
ROU assetsOther assets$31,112 $17,475 
Lease liabilities, currentAccrued and other current liabilities7,604 4,499 
Lease liabilities, non-currentOther liabilities24,035 14,666 
Finance leases
ROU assetsProperty, plant and equipment, net709 1,078 
Lease liabilitiesLong-term debt921 1,355 
(a)During the second quarter of 2024, the Company recorded an ROU asset and corresponding lease liability of $14 million related to a new warehouse lease agreement in Canada.
Year Ended December 31,
202420232022
Operating cash flows - cash paid for amounts included in the measurement of operating lease liabilities$8,590 $6,996 $7,694 
Operating lease ROU assets obtained in exchange for lease liabilities20,134 7,676 2,975 
Finance lease cash flows were immaterial during the years ended December 31, 2024, 2023 and 2022.
December 31,
20242023
Operating leases
Weighted average remaining lease term (in years)4.65.5
Weighted average discount rate8.2 %8.3 %
Finance leases
Weighted average remaining lease term (in years)1.82.8
Weighted average discount rate7.0 %7.0 %
Operating lease maturities as of December 31, 2024 were as follows:
2025$9,824 
20269,121 
20297,780 
20286,266 
20292,274 
Thereafter3,250 
Total minimum lease payments38,515 
Less: imputed interest(6,876)
Present value of future minimum lease payments$31,639 
Leases
5. Leases
The Company’s operating and finance leases are primarily for corporate offices, warehouse space, rail cars and equipment. As of December 31, 2024, the Company’s leases have remaining lease terms of less than one year to 11.8 years with standard renewal and termination options available at the Company’s discretion. Certain equipment leases have purchase options at the end of the lease term, which are not included in the ROU assets, as it is not reasonably certain that the Company will exercise such options. Short-term leases, those with an initial term of 12 months or less, are not recorded on the consolidated balance sheets. The Company’s lease agreements do not contain any material residual value guarantees or restrictive covenants. The Company uses its incremental borrowing rate in determining the present value of lease payments unless the lease provides an implicit or explicit interest rate.
Financial and other information related to the Company’s operating and finance leases follow:
Year Ended December 31,
202420232022
Operating lease cost$8,584 $7,441 $7,751 
Finance lease cost
Amortization of ROU assets434 405 377 
Interest81 110 138 
Total lease cost$9,099 $7,956 $8,266 
December 31,
Balance Sheet Location20242023
Operating leases(a)
ROU assetsOther assets$31,112 $17,475 
Lease liabilities, currentAccrued and other current liabilities7,604 4,499 
Lease liabilities, non-currentOther liabilities24,035 14,666 
Finance leases
ROU assetsProperty, plant and equipment, net709 1,078 
Lease liabilitiesLong-term debt921 1,355 
(a)During the second quarter of 2024, the Company recorded an ROU asset and corresponding lease liability of $14 million related to a new warehouse lease agreement in Canada.
Year Ended December 31,
202420232022
Operating cash flows - cash paid for amounts included in the measurement of operating lease liabilities$8,590 $6,996 $7,694 
Operating lease ROU assets obtained in exchange for lease liabilities20,134 7,676 2,975 
Finance lease cash flows were immaterial during the years ended December 31, 2024, 2023 and 2022.
December 31,
20242023
Operating leases
Weighted average remaining lease term (in years)4.65.5
Weighted average discount rate8.2 %8.3 %
Finance leases
Weighted average remaining lease term (in years)1.82.8
Weighted average discount rate7.0 %7.0 %
Operating lease maturities as of December 31, 2024 were as follows:
2025$9,824 
20269,121 
20297,780 
20286,266 
20292,274 
Thereafter3,250 
Total minimum lease payments38,515 
Less: imputed interest(6,876)
Present value of future minimum lease payments$31,639